This invention constitutes an improvement over the toy vehicle flying set disclosed in U.S. Pat. No. 3,995,392 issued Dec. 7, 1976. Flying toys or objects with parachutes have long been known in the art. The principal problem encountered with parachute toys is the ability to maintain the parachute in closed condition while the toy is propelled into the air so as not to apply a drag force while permitting the parachute to open to perform its normal function after the object has reached the apogee of its flight. The present invention embodies an improvement to overcome the prior art problems in conjunction with the toy flying vehicle set disclosed in U.S. Pat. No. 3,995,392.